Here's Why Fitbit (FIT) Stock is Leaping Today

Fitbit (FIT) shares are jumping after analysts at Barclays earlier this morning lifted their ratings on the company to 'overweight' from 'equal weight' and kept their price $49 price target.
By U-Jin Lee ,

NEW YORK (TheStreet) -- Fitbit (FIT) - Get Report  shares are jumping 4.17% to $28.97 in pre-market trading on Monday after analysts at Barclays earlier this morning lifted their ratings on the company to "overweight" from "equal weight" and kept their price $49 price target. 

The firm cited "meaningful catalysts" over the next year, citing new product launch, new corporate wellness deals and margin improvement.

Even though this year's holiday season got off to a muted start for the retail industry, "wearables appear one of the winning product categories of the season," analysts added.

Overall, the firm is bullish given these positives however, one risk is competition. 

Based in San Francisco, Fitbit manufactures and provides wearable fitness-tracking devices worldwide. The company makes both wrist bands and clippable devices that monitor a user¿s fitness activity by tracking the calories burned or distance covered. 

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